TOKYO — The Cagayan Economic Zone Authority (CEZA), Iwave Inc., an investee of an experienced Philippine-listed technology company (Philippines), and publicly listed Traders Holdings (Japan) Ticker Code – 8704, signed recently a milestone Memorandum Of Understanding (MOU).
The MOU calls for the crafting and development of the first Asian-located Special Economic Zone to regulate, license and propagate Financial Technology (FINTECH) companies from around the world and develop the Cagayan Zone as the premier hub for the continuous development of these financial technologies.
The aim is to turn Cagayan Valley into the Asian version of “Silicon Valley” by providing an unparalleled “technological” environment.
This environment will combine nature’s serene beauty—in this case Cagayan’s surrounding Sierra Madre mountains and some of the world’s finest beaches–with wide bandwidth submarine cable landing points that are soon to be completed to ensure that the Special Economic Zone is firmly connected to the rest of the world.
“This is a planned, calibrated development, which would be in stark contrast to the large unmitigated growth of Asian cities with their huge traffic and unproductive environments,” said Sec. Raul L. Lambino, CEZA Administrator and CEO.
Under this MOU, CEZA will be provided with technology to properly regulate, license, audit, monitor and launch the latest Financial Technologies as they become available to address the unbanked and crowd-funding solutions.
Among these technologies are those based on Block Chain (Distributed Ledger Technologies), Bitcoin, Crypto Technologies, Cryptocurrencies, International Coin Offerings (ICO), Crypto Exchanges, Payment Solutions and Financial Solutions.
The MOU on a larger scale will bridge the technology industries of Japan and the Philippines, Sec. Lambino said.
This will be carried out by synergizing Japan’s advanced technologies and research and development capability with a greenfield technology hub of the Philippines, which is expanding its telecommunications and bandwidth capabilities.
The base of the regulation will follow the forward-looking policies of Japan, which is a major trading partner of the Philippines.
Iwave, Inc., a Filipino-Japanese Investee company of an experienced Philippine-listed technology company will provide, together with Traders Group of Japan, the Intellectual property it has accrued servicing the Philippine banking sector and the country’s largest online brokerage, and Japan’s largest consumer finance company AEON in the Asia- Pacific.
Their exposure to the banking and capital market sectors will lend their practices in Know Your Client (KYC) procedures and Anti-Money Laundering (AML) policies.
This should ensure that CEZA will be a well-regulated and respected regulatory and licensing authority, Sec. Lambino said.
The combined experience of Iwave, Inc. and Traders Holdings will insure CEZA is also on par with security procedures and anti-hacking methodologies, in the highly competitive and ever-changing technology world, he said.